(Last Updated January 8, 2021 3:21 GMT)
Currently, GBPUSD’s rate is down -12 pips (-0.09%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as GBPUSD has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Of note is that the 200 hour changed directions on GBPUSD; it is now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
GBPUSD End of Day Recap
Updated 00:30 GMT (04:30 EST)
GBPUSD is down 45 pips (0.33%) since the day prior (opening today near 1.35628), marking the 2nd consecutive day it has gone down. Relative to other instruments in the Forex asset class, GBPUSD ranked 36th the day prior in terms of percentage price change. Below is a price chart of GBPUSD.
GBPUSD Technical Analysis
The first thing we should note is that the current price of GBPUSD is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 15 out of the past 30 days.